The authority is hereby declared to be performing a public function in behalf of the municipality with respect to which the authority is organized and to be a public instrumentality of such municipality. Accordingly, the authority and all properties at any time owned by the authority and the income from the properties, and all bonds issued by the authority and the income from the bonds shall be exempt from all taxation in the state. Also, for purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, bonds issued by the authority shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state.
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 65 - Parking Authority Act
§ 7-65-102. Chapter Definitions
§ 7-65-112. Security for Bonds
§ 7-65-114. Use of Bond Proceeds
§ 7-65-115. Exemption From Taxation
§ 7-65-116. Nonliability of Municipality
§ 7-65-118. Nonprofit Corporation — Disposition of Earnings
§ 7-65-119. Completion of Corporate Purpose — Dissolution
§ 7-65-121. Law Complete in Itself
§ 7-65-123. Powers Additional to Those Granted by Other Laws